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Halliburton (NYSE: HAL) and Rhino Resources (OTC: RHNO) have successfully completed two exploration wells on Block 2914 within PEL 85 offshore Namibia. The project marks the first wells completed entirely using in-country infrastructure through Halliburton's new operational bases in Walvis Bay, Swakopmund, and Lüderitz.
The collaboration includes the establishment of the Rhino-Halliburton Technology Centre at the University of Namibia in October 2024, focusing on advancing geoscience education and research. This initiative demonstrates both companies' commitment to developing local capacity and supporting Namibia's emergence as an energy hub in Africa.
The discoveries on Block 2914 represent a promising start for Namibia's oil and gas industry development, emphasizing knowledge transfer, local capacity building, and youth development.